How to Get a Loan for Used Merchandise Stores

Looking for business loans for used merchandise stores? An SBA loan may be just what you've been looking for. This $36,000 used merchandise stores loan was issued by an Alabama bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Huntsville, Alabama was able to borrow $36,000 from Redstone Fcu. The SBA made the loan possible by guaranteeing $30,600 of this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: USED MERCHANDISE STORES
HUNTSVILLE, AL 35805

SBA Loan Lender

REDSTONE FCU
220 WYNN DR
HUNTSVILLE, AL 35893

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453310 - Used Merchandise Stores

Loan Approval Date

10/2/2006

Loan Approval Gross Amount

$36,000

Loan Approval from the SBA

Of the total $36,000 loan amount, the SBA guaranteed $30,600.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had no employees. The loan application indicated that the loan would help generate 2 new jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Redstone Fcu that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Obtaining Funding - Getting Venture Capital

SBA 7A Lenders in Huntsville, Alabama

Where to Get an SBA Loan Alabama